Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural Resources

19 March 2026

Mila Resources Plc

('Mila' or the 'Company')

Yarrol Drilling Progress and Exploration Pipeline

Mila Resources Plc, the post-discovery gold exploration accelerator, is pleased to provide an operational update on its ongoing exploration activities across its Queensland gold portfolio, including the Yarrol Gold Project ("Yarrol") and regional exploration targets at Monal and Mt Steadman.

Highlights

·      Yarrol reverse circulation ("RC") drilling campaign underway, with approximately half of the planned ~1,600m programme completed despite challenging weather conditions

o  Initial RC samples submitted to the laboratory, with the programme designed to test the limits of mineralisation along strike and infill gaps in the historic resource area

·      Diamond drilling at Yarrol successfully extends the mineralised system to ~300m depth, confirming structural controls on gold mineralisation

o  Additional core samples submitted for analysis as geological understanding of the system improves

·      Exploration advancing at Monal, targeting Cannindah-style copper-gold porphyry systems

o  Early-stage mapping and sampling completed across Monal, identifying high-priority geophysical targets

·    Exploration advancing at Mt Steadman, where mineralisation style fits with a broader Yarrol-style multi-target gold portfolio

Yarrol Gold Project - Drilling Update

The Company has completed sampling in early 2026, for a diamond drilling campaign at Yarrol, designed to improve geological understanding of the structures hosting gold mineralisation and to extend knowledge of the system at depth.

Drilling successfully traced the gold-bearing system to a depth of 300m confirming the vertical continuity to the structurally controlled mineralised system. It greatly enhanced the quality of data on the deposit and will be critical in assessing future work.  The team believes that near-surface drilling offers the fastest and most cost-effective pathway to reaching critical mass, while deeper drilling remains an area of significant potential that will be revisited in due course.

Following a review of the initial core sampling results, the technical team elected to submit additional samples as the geological understanding of the system continues to improve. These additional assays are expected shortly and will be released in due course.

The Company's focus remains on demonstrating the scale and continuity of the Yarrol mineralised system, with drilling designed to expand known mineralisation.

In parallel, Mila has commenced an RC drilling campaign at Yarrol targeting both expansion of the known mineralised footprint and infill of gaps in historical drilling to prove continuity. The programme comprises approximately 1,600 metres of drilling and is designed to rapidly test the limits of mineralisation and prioritise areas for future resource expansion drilling.

Despite challenging weather conditions, approximately half of the campaign has been completed, with the first batch of samples already submitted for laboratory analysis.

Importantly, the temporary suspension of drilling due to weather conditions has not required drilling equipment to remain on standby mitigating any costly downtime and budget overruns. 

We would like to highlight that all results will be released to the market in context, in batches, rather than individual drillholes, following interpretation work within the broader geological framework. This may include, and not limited to re-sampling of sections, or re-submission.

The Yarrol Project currently hosts a non-JORC compliant gold resource, and drilling to date has consistently intersected mineralisation as the Company continues to step out along strike and test new targets within the system.

Monal Project - Copper-Gold Exploration

The Company is also progressing exploration across the Monal Project, where geological work has identified targets associated with Cannindah-style copper-gold porphyry systems.

The nearby Mt Cannindah deposit is a large-scale high-level porphyry system hosting copper, gold and molybdenum mineralisation. The project, held by Cannindah Resources, currently hosts a resource of 14.5Mt at 1.09% Cu Eq associated with breccia-hosted mineralisation.

Porphyry systems of this type commonly occur as clusters of vertically oriented mineralised pipe-like structures, offering the potential for multiple mineralised centres within a broader district-scale system.

Historical shallow drilling at Monal has already returned encouraging results. At the Boggy Creek prospect, previous drilling intersected:

·      7m at 2.04 g/t Au, and

·      17m at 0.75 g/t Au

The Mila technical team considers these results vectoring tools, towards a larger orebody and further regional targets, represent clear follow-up opportunities. Initial grab sampling and first-pass geological mapping completed earlier this year, have helped the team vector toward high-priority targets. The Company is now designing follow-up exploration programmes, including induced polarisation (IP) and magnetic geophysical surveys to further refine drill targets.

Mt Steadman - Regional Gold Target

Exploration work is also continuing at Mt Steadman, where early geological work suggests the system may be analogous to the nearby Yarrol mineralisation, though located on an adjacent fault network.

Given the proximity of the two projects, Mila is increasingly evaluating the area as part of a broader mineralised corridor that could help quickly build critical mass potential.

The region has seen historical gold production from shallow pits and shafts, with limited historic drilling demonstrating extensions of mineralisation at depth. However, the area has not benefited from modern systematic sampling programmes, leaving significant potential to define the true contained metal potential of the system.

The Company will update investors in due course as exploration programmes are defined to advance drill targeting across the project.

Mark Stephenson, CEO of Mila Resources, commented:

"Our work programmes across Queensland continue to advance well and demonstrate the scale of the opportunity within Mila's portfolio.

"At Yarrol, drilling is focused on expanding the footprint of an already established mineralised system. The diamond drilling programme confirmed that the system continues to depth, while the ongoing RC programme is designed to rapidly test the limits of mineralisation along strike and prioritise areas for future resource expansion.

"Beyond Yarrol, the broader exploration pipeline continues to develop. At Monal we see strong potential for Cannindah-style copper-gold mineralisation, with early field work already identifying compelling targets that will be refined through geophysics before drilling."

**ENDS**

For more information visit www.milaresources.com or contact: